August 2026 | Released September 11, 2026

+3.40 percent
Consumer Price Index inflation
Aug 2025 to Aug 2026

+0.40 percent
Consumer Price Index inflation
Jul 2026 to Aug 2026

+0.16 percent
Change in real average weekly earnings
Jul 2026 to Aug 2026

Consumer Price Index

From July 2026 to August 2026:

• Headline CPI-U inflation was 0.40 percent.
  • Food price inflation was 0.12 percent.
  • Energy price inflation was 2.10 percent.
• Core CPI-U inflation was 0.29 percent.

From August 2025 to August 2026:

• Headline CPI-U inflation was 3.40 percent.
  • Food price inflation was 2.67 percent.
  • Energy price inflation was 16.28 percent.
• Core CPI-U inflation was 2.45 percent.

Note: Core CPI-U excludes food and energy.

Table 1. Consumer Price Index inflation

	Aug 2026	Jul 2026	Chg. from Jul 2026	Aug 2025	Chg. from Aug 2025
Month-over-month inflation
Consumer Price Index	0.40%	0.07%	0.33pp	0.35%	0.05pp
Core Consumer Price Index	0.29%	0.22%	0.07pp	0.31%	-0.02pp
Food Consumer Price Index	0.12%	0.08%	0.04pp	0.42%	-0.30pp
Energy Consumer Price Index	2.10%	-1.48%	3.58pp	0.69%	1.41pp
Year-over-year inflation
Consumer Price Index	3.40%	3.36%	0.04pp	2.92%	0.48pp
Core Consumer Price Index	2.45%	2.48%	-0.03pp	3.11%	-0.66pp
Food Consumer Price Index	2.67%	2.98%	-0.31pp	3.19%	-0.52pp
Energy Consumer Price Index	16.28%	14.73%	1.55pp	0.22%	16.06pp

Table 2. Cleveland Federal Reserve forecast

	Cleveland Fed forecast	Actual	Forecast error
Month-over-month inflation
Consumer Price Index	0.36%	0.40%	-0.04pp
Core Consumer Price Index	0.20%	0.29%	-0.09pp
Year-over-year inflation
Consumer Price Index	3.38%	3.40%	-0.02pp
Core Consumer Price Index	2.38%	2.45%	-0.06pp

Real earnings

From July 2026 to August 2026:

For all employees on private nonfarm payrolls:

• Real average weekly earnings increased by 0.16 percent.
• Real average hourly earnings decreased by 0.09 percent.

For production and nonsupervisory employees on private nonfarm payrolls:

• Real average weekly earnings decreased by 0.13 percent.
• Real average hourly earnings decreased by 0.10 percent.

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.

Table 3. Change in real earnings

	Aug 2026	Jul 2026	Chg. from Jul 2026	Aug 2025	Chg. from Aug 2025
Month-over-month change
All employees
Real weekly earnings	0.16%	0.09%	0.07pp	0.06%	0.10pp
Real hourly earnings	-0.09%	0.09%	-0.18pp	0.09%	-0.18pp
Production and non-supervisory
Real weekly earnings	-0.13%	0.06%	-0.19pp	-0.03%	-0.10pp
Real hourly earnings	-0.10%	0.10%	-0.20pp	0.00%	-0.10pp
Year-over-year change
All employees
Real weekly earnings	0.33%	0.23%	0.10pp	0.71%	-0.38pp
Real hourly earnings	-0.26%	-0.09%	-0.17pp	1.07%	-1.33pp
Production and non-supervisory
Real weekly earnings	0.15%	0.25%	-0.10pp	1.18%	-1.03pp
Real hourly earnings	-0.10%	0.00%	-0.10pp	1.12%	-1.22pp

Upcoming releases

Date	Time	Release	Data source
Sep 14	10:00 AM	Monthly Fiscal Update, August 2026	U.S. Treasury
Sep 18	10:00 AM	State Employment and Unemployment, August 2026	Bureau of Labor Statistics
Sep 30	08:30 AM	Monthly Expenditures Update, August 2026	Bureau of Economic Analysis
Sep 30	08:30 AM	Monthly GDP Update, Q2 2026 Third Estimate	Bureau of Economic Analysis
Oct 02	08:30 AM	Monthly Employment Update, September 2026	Bureau of Labor Statistics
Oct 06	08:30 AM	Monthly Trade Update, August 2026	Bureau of Economic Analysis
Oct 07	10:00 AM	Monthly Debt Update, October 2026	U.S. Treasury

Notes

Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.